Millennials want to know what companies are doing to make the world a better place. From procuring raw materials to shipping the final product, almost all steps of the manufacturing and production process of eco-friendly products cost more than traditional products. It's not just a morally good idea, either; it's lucrative. More than half of Europeans (51%) said they are willing to pay more for climate friendly food. Michele Koch 66% of survey respondents are willing to pay more for sustainable goods, up from 55% in 2014, and 50% in 2013 Sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally, while those without grew less than 1%. Millennials are the most willing to pay extra for sustainable offeringsalmost three-out-of-four respondents (73%), up from approximately half in 2014. NYU Sterns Center for Sustainable Business just completed extensive research into U.S. consumers actual purchasing of consumer packaged goods (CPG), using data contributed by IRI, and found that 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. This page does not exist in [x], feel free to read the page you are currently on or go to the [x] homepage. Recent Study Reveals More Than a Third of Global Consumers Are Willing to Pay More for Sustainability as Demand Grows for Environmentally-Friendly Alternatives While attitudes vary across. Reports, such as Nielsen Insights , suggest the majority (73 percent) of people would change their consumption habits to reduce their impact on the environment, and almost half . Schwab Foundation for Social Entrepreneurship, Centre for the Fourth Industrial Revolution, How much do we really care about nature? Third-party validation helps certify progress in the eyes of consumers, and the process of carbon offsetting which is easy to measure and communicate helps create tangible benchmarks. About a 3 minute read. Speaking with: law professor Cass Sunstein, on why behavioural science is always nudging us. Nudge theory is used to understand how people think, make decisions and behave. Designed by Elegant Themes | Powered by WordPress, 66% of survey respondents are willing to pay more for sustainable goods, up from 55% in 2014, and 50% in 2013. In other words, I'm willing to spend more (a lot more, in fact) to know that what I'm spending my money on is actually good for the earth and the people on it. Sixty-six percent of consumers say they are willing to pay more for sustainable brandsup from 55% in 2014 and 50% in 2013. For example, one study found Spanish consumers were willing to pay 2237% more for green products, but Japanese consumers were only willing to pay 822% more for green products. For most of the history of the moderneconomy, the sourcing of products didn't even cross the minds of those shopping. As a result, many consumers have adopted more sustainable behaviors. Notably, those two companies are doing so despite the strident objections of investors who criticized Indra Nooyi and Paul Polman, the former CEOs of PepsiCo and Unilever, respectively, for moving away from their traditional brands. Currently, you are using a shared account. 1901), Lexpertise universitaire, lexigence journalistique. On Earth Day 2020, the organisation Climate Neutral an independent non-profit organisation working to decrease global carbon emissions confirmed 103 brands had completed its certification process in 2020 and 50 other brands were still in the process. 2023 Nielsen Consumer LLC. Yes, meat will cost more and won't as widely available, but farm animalsshould all have real lives and humane deaths (and stop emitting so much methane into the atmosphere). statistic alerts) please log in with your personal account. Nielsen reported in 2014 that half of young consumers were willing to pay more for sustainable products. That across the board, consumers are willing to pay extra for one thing: sustainability. I dream of a world in which all factory farms are destroyed. Those that had no such commitment grew less than 1%. The Consumer Sustainability Survey (2019) found that 72% of consumers buy more environmentally-friendly products than five years ago. 50% of CPG growth from 2013 to 2018 came from sustainability-marketed products. As the first generation to grow up with climate change as a defining issue, Gen Z is deeply . Those earning $20,000 or less are actually 5% more willing than those with incomes greater than $50,000 to pay more for products and services that come from companies who are committed to positive social and environmental impact (68% vs. 63%). To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. When looking at food items like coffee, I want to know first that it's Fair Trade. We see the impact of similar sentiment around shower gel, a category where naturals own 10.3% of the value share, and the overall category saw sales decline 0.8%. I dream of a world in which clothing is more expensive across the board, but there are no more sweatshops anywhere, and no more slash-and-burn. And as social media channels continue to burgeon, the voice of younger generations will only increase the demand for sustainability. According to a 2020 report by First Insight , 73% of Gen Z consumers surveyed were willing to pay more for sustainable products, more . This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. The Nielsen Global Survey on Corporate Social Responsibility polled more than 29,000 Internet respondents in 58 countries. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. michele@greenprintcorp.com In the US, this number is just over the global average at 61 percent. Pay more, waste less: 32% of consumers would pay more for a product from a brand that they believe is committed to sustainability. In terms of how much, Gen. Z (32 percent premium) and Millennials (31 percent premium) are willing to pay more than twice as big a premium as Baby Boomers (14 percent premium) and a third more relative to Gen. X (21 percent premium). Fifty percent of global consumers are willing to pay more for goods and services from companies that have implemented programs to give back to society, according to a new study from Nielsen. According to market research firm Nielsen, just 22% of the world's consumers were willing to pay more for an eco-friendly product in 2011, despite the fact 83% thought it was important. I don't dream of a world in which I can get a shirt for $3.99 just for the sake of that. In burgeoning sustainability markets, however, natural and organic are paving the way for more detailed and specific claims. I don't dream of a world full of cheap lip gloss that was tested on animals; I dream of one in which that kind of beauty product is illegal everywhere, period. Consumers from 60 countries were surveyed for this report. Get full access to all features within our Business Solutions. Learn more about how Statista can support your business. Consumers could note if they were willing to pay "a little" or "a lot" for each sustainability benefit. The survey is conducted among 48 percent of female and 52 percent male respondents. We also reviewed which categories had the largest share of sustainability-marketed products. The rise of sustainable disruptors and increasing consumer awareness will all serve to drive the expectation for affordable sustainable alternatives.. In fact, almost half (41%) of consumers from around the world say that theyre highly willing to pay more for products that contain all-natural or organic ingredients. Climate Explained is a collaboration between The Conversation, Stuff and the New Zealand Science Media Centre to answer your questions about climate change. Companies should be aware that consumers are increasingly voting with their dollars against unsustainable brands. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. By 2021, consumers are expected to spend $150 billion on sustainable goods. Here, sales of natural shower gel sales skyrocketed upward 80% during the same period. "Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category." To trust a company statement, 45% of Americans say they need a third-party validating source. CSR can build brand loyalty, raise awareness, and strengthen reputations, or it can have the opposite effect. When looking at both Baby Boomers and Generation X, 24 percent across each have significantly changed their behavior towards being more sustainable -- this figure climbs to 32 percent for Millennials. A survey by Nielsen found that 66% of consumers are willing to pay more for sustainable products. To a certain degree, products that need to have a higher degree of efficacy (such as laundry care and sanitary napkins) were more likely to have a lower share of sustainability-marketed products, perhaps because consumers are concerned about performance trade-offs. In more than 90% of consumer packaged goods categories, sustainability-marketed products grew faster than their conventional counterparts. What do these findings mean for corporate managers and investors? www.simon-kucher.com, Internet Explorer presents a security risk. Droits d'auteur 20102023, The Conversation France (assoc. A fresh one is out from McKinsey & Company and Nielsen IQ - and the punchline is that making and It can be used to help people improve their thinking and decisions. Attitudes towards sustainability also vary by industry when measuring its importance as a purchase criterion, from 74 percent in Energy/utilities to 44 percent in Financial services. In China, 41% of consumers say that they want eco-friendly products. On a global scale, the percentage of consumers willing to pay a premium for. Weve been on this journey for a while, but the clock is ticking and failure to think through the implications could have long-term consequences for traditional firms., Across industries and countries, sustainability is a significant purchase criterion -- though price and quality continue to dominate. According to a recent survey, 73% of Gen Zers are willing to pay more for sustainable products. Sustainable materials cost more to grow and manufacture, reputable third-party certifications add further costs and using organic materials is more expensive than alternatives such as mass-produced chemicals. Then you can access your favorite statistics via the star in the header. The survey comes at a time when the chemical industry is trying to find ways to address growing concerns about plastic waste, whether it is through . Consumersparticularly Millennialsincreasingly say they want brands that embrace purpose and sustainability. Businesses must adapt to the times as consumers . What is the Green List and how can it help protect the worlds natural wonders? Image:Caleb Jones/Unsplash. Saving biodiversity: why our mental and physical health depends on it. BOSTON--(BUSINESS WIRE)--With COP26, the 2021 United Nations Climate Change Conference, just weeks away, a major study of more than 10,000 people across 17 countries shows that sustainability is becoming increasingly important in consumers purchasing decisions, especially as consumers see themselves, along with for profit companies, as the primary catalysts for change. When it comes to sales intent, commitment to the environment has the power to sway product purchase for 45% of consumers surveyed. Surface Studio vs iMac - Which Should You Pick? In fact, almost half (41%) of consumers from around the world say that they're highly willing to pay more for products that contain all-natural or organic ingredients. New York-based Nielsen forecasts the market to reach somewhere between $142.4 billion and $150.1 billion by 2021. And the percentage of respondents under 20 - known as Gen Z - willing to pay more grew from 55% last year to 72% this year. Millennials make up the fastest growing force in the marketplace. Queensland University of Technology apporte un financement en tant que membre adhrent de TheConversation AU. They are willing to rethink their buying habits to incorporate environmental and social product benefits into their buying decisions. By comparison, 51% of Boomers (ages 50-64) said that they would pay a premium for sustainable products. Consumers are willing to pay more for greener products and want producers to provide better climate-related on-label packaging. Among the 66% of global respondents willing to pay more, over 50% of them are influenced by key sustainability factors, such as a product being made from fresh, natural and/or organic ingredients (69%), a company being environmentally friendly (58%), and company being known for its commitment to social value (56%); sales and coupons didn't even Our eBook "What ESG means to you and your consumers in 2022" is designed to help Others are working for or supporting organizations dedicated to social and environmental change. Show publisher information Rachel Pope This figure is even higher for millennials (73%) and Generation Z (72%). Consumers care about sustainabilityand back it up with their wallets, Five Ws and one H to mastering your category, Consumer Outlook 2023: The unsettled state of global consumers, Communication led by service advisors helps drive satisfaction with aftersales process in India, Do not sell or share my personal information. "Our sustainability. Globally, willingness to pay for sustainable products or services is highest in US (42 percent), with these the US also representing the highest average premium (37 percent premium). it is biodegradable (65%) or made from recycled packaging (60%), when it comes to making a purchase, consumers value durability . Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Statista. Please do not hesitate to contact me. Companies must act now to avoid obsolescence in the future. Eco-friendly isnt quite so broad and defines products or practices that do not harm the Earths environment. Are consumers really willing to pay more for sustainable products? Environmental Choice New Zealand is the official environmental label body that awards certificates and lists environmentally friendly products for green homes or businesses. Consumers have some understanding of what makes a product sustainable but it is not necessarily a consideration when making a purchase Although the majority of consumers recognise what makes a product sustainable i.e. 74% would switch gasoline brands in the same situation. The survey was fielded from February 15 to February 16, 2021 among a demographically balanced nationally representative sample of 1,017 U.S. adults 18 years of age and older. Are consumers willing to pay more for these? As a Premium user you get access to the detailed source references and background information about this statistic. Consumer concern about the environment does not readily translate into the purchase of environmentally friendly products. But the results should be interpreted cautiously. Theres a noticeable break between generations, with 71% and 66% of Millennials and Gen Z willing to do so, compared to only 50% Gen X, 46% of Boomers and 39% Silent Generation. [Online]. This is especially true for Millennials. Consumer brands that havent embraced sustainability are at risk on many fronts, says Gstalder. The carbon footprints of the certified products are based on international standards (ISO 14040) and verified by an independent expert. Over 30,000 people in 60 countries were polled about their purchasing habits, and 66% of respondents said that they were willing to pay more for products and services from companies who are Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Research expert covering e-commerce and FMCG in Greater China, Profit from additional features with an Employee Account. You need at least a Starter Account to use this feature. Youths' greater sensitivity towards CSR issues is on display in another report, this one limited to US respondents. And investors should support companies in making the investments needed for the pivot. Studies show eco-friendly logos and labels can be used to nudge consumers toward sustainable fashion, food consumption and eco-friendly offerings. Some more takeaways on consumer habits: More than 8 in 10 recycle and replace lightbulbs with energy-efficient options. Given the evidence that consumer tastes are changing, an attitude of Why mess with a recipe that has worked well over the last 40 years? is the wrong one to take. , Feb 8, 2023. For more details, review our .chakra .wef-12jlgmc{-webkit-transition:all 0.15s ease-out;transition:all 0.15s ease-out;cursor:pointer;-webkit-text-decoration:none;text-decoration:none;outline:none;color:inherit;font-weight:700;}.chakra .wef-12jlgmc:hover,.chakra .wef-12jlgmc[data-hover]{-webkit-text-decoration:underline;text-decoration:underline;}.chakra .wef-12jlgmc:focus,.chakra .wef-12jlgmc[data-focus]{box-shadow:0 0 0 3px rgba(168,203,251,0.5);}privacy policy. So it appears that some categories that are behind in sustainability-marketed product share are making up for lost time. So while not all consumers will pay more for green climate-friendly products despite the best of intentions, we can slowly nudge them to make better choices for the planet. Sustainability sentiment is particularly consistent across income levels. For years, researchers have examined climate-oriented consumption to see if it wins peoples support. This shows that sustainability has been on consumers' minds for quite. Given that sustainability issues vary by category, we also assessed whether a claim concerned a material environmental or social issue for that category. Companies must invest, innovate and transform their business models now to protect their long-term profitability and viability. 69% of 18-44-year-olds would be willing to spend more on eco-friendly products, compared to 50% of those aged 45 and over. Prosek Partners This behaviour isn't just limited to the wealthy in big economies. From there, it becomes more specific and fragmented. The study also found a large degree of mistrust about companies environmental claims. Nielsen, an S&P 500 company, has operations in over 100 countries that cover more than 90% of the worlds population. Carbon dioxide emissions in France 1970-2021, Share of e-commerce GHG emissions worldwide 2020, by source, Leading e-commerce delivery methods used in France 2021, Average product return rates among digital shoppers in Europe 2021. Call me a geek, but I do love a good research report! One overwhelming conclusion of the report? Already in 2015, a Nielsen report found that 73 percent of the Millennial generation was willing to pay more for sustainable goods. This indicates an opportunity for consumer-goods brands that have already built a high level of trust with consumers to evaluate where best to introduce sustainable products into the market to drive growth, says Carol Gstalder, senior vice president, Reputation & Public Relations Solutions, Nielsen. Businesses are in a bind. In a study of more than 21,000 US households, Nielsen analyzed consumers' attitudes towards various sustainable attributes across 13 product categories. Nielsen's most recent Global Sustainability Report found that 66 percent of consumers said they were willing to pay more for sustainable brands, up from 55 percent in 2014. . As soon as this statistic is updated, you will immediately be notified via e-mail. Academic research has consistently identified this gap between purchase intentions and behaviours. lire aussi : For instance, while the overall shampoo category saw declines of 3.4% over a year long period ending April 2018, natural shampoos, which own 11.2% of the value share, are steadily growing at 2.2%. Millennials represent the consumer market of the future, and it behooves corporations to read the tea leaves. Consumers' demand for sustainable products is increasing. Consumers also see themselves as the agents of change, implying that the call to action for companies to adapt has never been more urgent. 28 Feb 2023 --- Sustainability factors are increasingly influencing the purchasing behavior of European consumers, according to a study published by crop nutrition company Yara International via IPSOS. This statistic presents the results of an online survey conducted from February 17 to March 7, 2014. But brands can nudge consumers towards more eco-friendly products. She's vocal about the fact that it costs a lot more than shirts from a company like H&M specifically because she only uses sustainable goods and ethical practices when it comes to the workers. In fact, an analysis of retail sales data indicated that natural products were seeing growth in otherwise declining categories. But nearly 60% are unwilling to pay more money for that eco-friendly product. ", Deloitte, Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category Statista, https://www.statista.com/statistics/1367681/china-consumers-willingness-to-pay-more-for-sustainable-goods/ (last visited March 02, 2023), Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph], Deloitte, January 18, 2023. In a study byHorizon Medias Finger on the Pulse, 81 percent of Millennials expect companies to make a public commitment to good corporate citizenship.. The survey reports that 58% of Europeans consider climate impact . Globally, 85 percent of people indicate that they have shifted their purchase behavior towards being more sustainable in the past five years -- however, we observe meaningful generational differences in attitude. Are you making an effort to reach these socially conscious young people? e-mail: rachel.pope@simon-kucher.com Overall, consumers identified . Almost three quarters of the . Traditional advertising will not work with Millennials. According to the2015 Cone Communications Millennial CSR Study, More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average), and two-thirds use social media to engage around CSR (66% vs. 53% U.S. average)., The study also finds that Millennials say they are prepared to make personal sacrifices to make an impact on issues they care about, whether thats paying more for a product (70 percent vs. 66 percent US average), sharing products rather than buying (66 percent vs. 56 percent) or taking a pay cut to work for a responsible company (62 percent vs. 56 percent).. A 2015 global survey by Nielsen found that 66 per cent of respondents were willing to pay more for sustainable goods. Paying attention to public opinion on specific brands in the news or on social media. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The first-ever edition of the companys Business of Sustainability Index found that nearly two-thirds (64%) of Americans are willing to pay more for sustainable products but most (74%) dont know how to identify them. Nearly three . When browsing beauty products, my first question is, "Is it cruelty-free?" Interestingly, of the people that are willing to pay a sustainability premium, the premium amount is lowest for Consumer goods (22 percent premium on average) it is highest for Financial services (27 percent premium on average). Consumers are also willing to pay more for chocolate products that are free-from 'undesirable' or artificial ingredients, a subset of products that makes up 15.2% of the overall chocolate category . Retail data backs up the importance of these influencers. To use individual functions (e.g., mark statistics as favourites, set Get in touch with us now. Millennials gave an even more impressive showing, with 73 percent indicating a similar preference." Millennials and Gen Z are becoming a force to be reckoned with as they continue to represent a larger share of the consumer demographic. I don't want to support companies that don't care about how the animals and/or workers are treated, and I do want to support those that do. Across industries, willingness to pay for sustainability is highest in Consumer goods (38 percent), and lowest for Energy/utilities (31 percent). Globally, sustainability is rated as an important purchase criterion for 60 percent of consumers. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. All these terms are used in labelling to make us feel good if we buy products claimed to minimise harm to the planet and the environment. According to the report, sales of consumer goods from brands with a demonstrated commitment to sustainability have grown more than 4% globally in the past year, while those without grew less. Consumer-goods brands that fail to take this into account will likely fall behind.. Share of consumers who were willing to pay more for sustainable goods in China as of November 2022, by category [Graph]. Small brands in this space are also attracting the bigger players attention Unilever has purchased brands with loyal followings such as Seventh Generation, Sundial Brands, and Pukka Herbs. Please create an employee account to be able to mark statistics as favorites. Instead, we focused on whether the marketing of a product as sustainable would drive purchases. Vietnamese consumers are the most socially-conscious among Southeast Asians, with 86 percent expressing their willingness to pay extra for products and services from firms which are committed to positive social and environmental impact, a new Nielsen survey found. Voir les partenaires de TheConversation France. Using multiple communication methods is important to demonstrate good deeds, such as third-party validation (news coverage), annual reports, affiliation with a respected non-profit or civic organization, employee volunteerism, advertising, or reporting actual work in the community on a web site. Jun 27, 2014 The willingness to pay for sustainable products has increased universally since 2011. A new study, looking at the sales from 2013 to 2018 of products marketed as sustainable, finds the conventional wisdom isnt true. TV ads highlighting a companys commitment to positive social and/or environmental impact are influential in the path to purchase for 34% of global respondents. This is especially true for Millennials. Since then, the trend has only increased: a 2015 Nielsen poll showed that 66% of global consumers are willing to pay more for environmentally sustainable products. 'Global consumer-goods' brands that ignore sustainability increase reputational and business risk' Nielsen's research also found that 66 percent of consumers were willing to pay more for sustainable goods in comparison to 50 percent in 2013. 6 takeaways from the worlds biggest cultural policy gathering, Putting Solar Panels On Farms Makes Sheep Happier. For years, brand managers have groused that while consumers say they intend to buy sustainable products, in store they dont actually purchase them. While attitudes towards sustainability vary between generations, they also vary across countries -- when looking at consumers who have either made significant changes to their purchasing behavior or completely changed their way of living to be more sustainable, Austria leads the way (42 percent), followed by Italy (41 percent), Spain (35 percent) and Germany (34 percent). You need a Statista Account for unlimited access. Design The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Industry-specific and extensively researched technical data (partially from exclusive partnerships). We are interested in estimating the proportion of all consumers willing to pay more. Checking labels before buying. Seventh Generation, Sundial Brands, and Pukka Herbs. Some of the necessary transformation can be accomplished by reinventing legacy products, as Unilever has shown with its sustainable living brands, now delivering 70% of its turnover growth. We assessed third-party certification, such as USDA organic and Fair Trade, and the packagings claims about undesirable traits (such as genetically modified, BPA, parabens, antibiotics, growth hormones) and positive characteristics (local, grass-fed, compostable, animal crueltyfree). lire aussi : The survey also showed that consumers in Southeast Asia are the most willing . Among the 66% of global respondents willing to pay more, over 50% of them are influenced by key sustainability factors, such as a product being made from fresh, natural and/or organic ingredients (69%), a company being environmentally friendly (58%), and company being known for its commitment to social value (56%); sales and coupons didnt even make the top five. 2015 Nielsen Global Corporate Sustainability Report, 2015 Cone Communications Millennial CSR Study. They expect a two-way, open dialogue with companies and their brands. Concerned about allegations of greenwashing claiming a product is green when its not many brands are turning to organisations such as Climate Neutral, Foundation Myclimate and members of the Global Ecolabelling Network to legitimise their claims. They wanted to know more about what influences how people feel about brands, and how those feelings impact buying behavior. 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